ASX closes 0.9% higher: Investors await US inflation report

Market Reports

by Peter Milios

The Australian sharemarket experienced a risk-on day, with the benchmark briefly climbing above 7900 points in a broad rally led by the big four banks. The S&P/ASX 200 jumped 72.8 points, or 0.9 percent, to 7889.6, approaching its record intraday high, fueled by gains in the technology, real estate, and mining sectors. ANZ was an outlier among the major banks, falling 1.2 percent due to a reported overstatement of government bond trades. The next key data point is the US inflation report, which could influence expectations for a potential rate cut by the US Federal Reserve.


The Dow Jones futures are pointing to a fall of 12 points.

The S&P 500 futures are pointing to a fall of 3.75 points.

The Nasdaq futures are pointing to a fall of 29.75 points.

The SPI futures are up 71 points.

Best and worst performers

All sectors are in the black. The best-performing sector was REITs, up 1.6 per cent. The sector with the fewest gains was Utilities, up 0.25 per cent.

The best-performing large cap was Telix Pharmaceuticals (ASX:TLX), closing 10.48 per cent higher at $19.39. It was followed by shares in Newmont Corporation (ASX:NEM) and Mercury NZ (ASX:MCY).

The worst-performing large cap was Netwealth Group (ASX:NWL), closing 4.15 per cent lower at $21.00. It was followed by shares in Meridian Energy (ASX:MEZ) and Yancoal Australia (ASX:YAL).

Asian markets

Japan's Nikkei has gained 0.94 per cent.

Hong Kong's Hang Seng has gained 1.95 per cent.

China's Shanghai Composite has gained 1.18 per cent.

Commodities and the dollar

Gold is trading at US$2,385.60 an ounce.

Iron ore is 3.7 per cent lower at US$105.50 a tonne.

Iron ore futures are pointing to a 0.85 per cent rise.

Light crude is trading $0.60 higher at US$82.70 a barrel.

One Australian dollar is buying 67.61 US cents.

Peter Milios

Peter Milios is a recent graduate from the University of Technology - majoring in Finance and Accounting. Peter is currently working under equity research analyst Di Brookman for Corporate Connect Research.

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